Paytm Update- This order of RBI will help customers to transfer UPI account. Paytm Payments Bank will not be able to provide services after March 15.
Good news has come for Paytm UPI users. Reserve Bank of India has asked NPCI to take necessary steps to maintain Paytm’s UPI service. While issuing an advisory to NPCI, the central bank said that in order to maintain the service through Paytm app, NPCI should provide the facility of certification of 4-5 banks having the capacity to handle high volume UPI transactions as payment service providers.
It is noteworthy that as per the instructions of the Reserve Bank of India, Paytm Payments Bank will be closed from March 15. In such a situation, Paytm will need a Third Party Application Provider (TPAP) to continue the UPI transactions without any interruption, the facility of which will be provided by NPCI approved banks.
Customers will get convenience in transferring accounts
This order of RBI will help customers in transferring UPI account. To keep the UPI account active, it needs to be linked to the bank account. Currently, there are many customers who use UPI through Paytm Payments Bank. Paytm Payments Bank will not be able to provide services after March 15. If a Paytm Payment Bank customer does not link his UPI account with another bank before the 15th, then he cannot continue the transaction further.
You will get option of 4-5 banks
RBI has asked NCPI to help Paytm so that the services of Paytm UPI remain operational. UPI transactions are done across the country under the leadership of NCPI. RBI has said that NCPI should help in providing the option of 4 to 5 banks to Paytm users, so that they can easily link their UPI account to the new bank and continue their UPI service after March 15.
Got extension till 15th March
The Reserve Bank of India (RBI) had earlier announced to ban the services of Paytm Payments Bank after February 29. Later, 15 more days were given to continue the services. Earlier, RBI had ordered Paytm Payments Bank to stop taking new deposits and credit transactions after February 29. Now Paytm Payments Bank has been given time till March 15, 2024.
